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6.00% Money Market Account - $10K Max (Lockheed FCU)

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Lockheed FCU has just started a new money market account called the Rise and Shine Money Market. It pays 6.00% APY. The minimum deposit is $2.5K. The catch is that the maximum deposit is $10K. There's also a limit of one per household. It doesn't seem to be listed at the credit union's website, however, there's an online ad for this here. The 6% is guaranteed through 1/26/07, then it's subject to change weekly.

I called for additional information and asked the CSR if you can apply online or by mail. Although he didn't give me a definite no, he said you are expected to open this at one of their branches. If you go below the $2.5K minimum, there's a $15/month fee. It does have check writing with the typical money market withdrawal limits (no more than 6 per month with 3 by check). The CSR said they do have an ACH transfer system to allow transfers to and from your other financial institutions. However, he said there's a charge for both incoming and outgoing transfers. You'll probably want to initiate transfers from another bank.

LFCU's field of membership includes members of the Achievers Club which anyone can join. According to the website, you can select "Achievers Club" from the Membership Eligibility menu. There is a one-time membership fee of $5 to join the Club. Please see the site for the full FOM details.

Note, I was told by the CSR that they do a hard credit inquiry when you join the credit union.

Branches are located in California, Maryland, Virginia and New Hampshire.

The credit union is federally insured by the NCUA. It's a large credit union with $2.4 billion in assets and 100,919 members.

Thanks to the MMA Fatwallet thread and to the Credit Union Deals Blog for finding this deal.


Comments
2 Comments.
Comment #1 by PrettyCheap (anonymous) posted on
PrettyCheap
I just called about this since I already have accounts at Lockheed. CS said this was designed for new members (did not say that they would not give it to existing members). Also, the 6% is only good till 2/1/07.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Perhaps if the money is from outside the credit union, they'll allow existing members to sign up?

1